Classic auto insurance question
Thread Starter
Intermediate
Joined: Mar 2015
Posts: 25
Likes: 0
Classic auto insurance question
I'm getting close to my first road test in the 72 LT1 after lots of time and money in restoration It's time to pick a insurance co Thinking of going with Hagerty Wondering what kind of input good or bad might be out there on any classic car insurance companies
Drifting
Joined: Jul 2011
Posts: 1,697
Likes: 139
From: Syracuse NY
Im also interested in some input from 'average joe' owners. My vette is worth way more than KBB will ever give me if I get wrecked. The only reason I carry insurance on my vette is for liability.....Id like to actually get insurance that would repair it if it gets smacked up. Problem is, as a middle income, 40-sumthing white guy, my Geico insurance is dirt cheap! I imagine classic car insurance is way higher??.....
Racer
Joined: Jan 2008
Posts: 291
Likes: 15
From: Virginia Beach VA
After 8 years of rising prices and 0 claims with one of the major classic car insurance companies I started shopping around. I wound up going with the National Corvette Museum Insurance (American Modern Insurance). The price was way better than what I was paying and they put it in writing that I could drive my car to work up to twice a week.... Which was huge for me because no one else I asked would do that....
Safety Car
Joined: Sep 2013
Posts: 4,355
Likes: 2,633
From: Draper Utah
1970 Corvette
$25,000 agreed value
0 deductible
Includes flat bed towing
Car must be garaged.
Car can't be a daily driver.
No mileage restrictions
$250 a year premium.
Hagerty Insurance.
I've had one towing claim, tow truck was there in less than 30 minutes and I never paid a dime out of my pocket. Premium never went up. I'm very happy with them and it would take a pretty big price drop to get me to change.
$25,000 agreed value
0 deductible
Includes flat bed towing
Car must be garaged.
Car can't be a daily driver.
No mileage restrictions
$250 a year premium.
Hagerty Insurance.
I've had one towing claim, tow truck was there in less than 30 minutes and I never paid a dime out of my pocket. Premium never went up. I'm very happy with them and it would take a pretty big price drop to get me to change.
Burning Brakes
Joined: Mar 2014
Posts: 904
Likes: 46
From: Crestline CA
Might want to ask you normal insurance company. I use Farmers for my normal stuff(homeowners, daily driver, motorcycles) and they given me a good deal on classic car insurance on all the various old cars Ive had, and tend to be real flexible on usage, might be worth a shot.
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
In many states (including TX where I'm at) regular insurance companies do not offer agreed value policies. Instead they do stated value which you do not want.
I'm with NCM. $40K agreed value. Can drive to work 2x/week. $315/year. Premium has not gone up since I got the policy.
I'm with NCM. $40K agreed value. Can drive to work 2x/week. $315/year. Premium has not gone up since I got the policy.
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Safety Car
Joined: Sep 2011
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From: Madeira Beach, FL
2024 C8 of the Year Finalist - Unmodified
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Taylor auto
I've had Taylor's since 2011. $200.00 annual premimum.
agreed value 25k. I've beven happy. They are in upper darby,PA.
Marshal
agreed value 25k. I've beven happy. They are in upper darby,PA.
Marshal
Intermediate
Joined: Jul 2014
Posts: 35
Likes: 3
From: SC
We just had a conversation about this to ensure myself and my daughters could drive the cars without a problem.
Drifting
Joined: Jul 2011
Posts: 1,697
Likes: 139
From: Syracuse NY
I called Geico today. After about 10 minutes of describing my car (restomod, nothing special, worth about 15K to replace with a like vehicle) we came upon a 15K agreed replacment, no deductable, for $275 a year. I should have done this years ago! (Premium is only 30 dollars a year more than my previous policy)
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
I called Geico today. After about 10 minutes of describing my car (restomod, nothing special, worth about 15K to replace with a like vehicle) we came upon a 15K agreed replacment, no deductable, for $275 a year. I should have done this years ago! (Premium is only 30 dollars a year more than my previous policy)
Thread Starter
Intermediate
Joined: Mar 2015
Posts: 25
Likes: 0
Thank you everyone that responded to my insurance questions Some great advice and good info Makes it a lot easier to make a decision Here's hoping none of us ever need to use whatever carrier you use
Drifting
Joined: Jul 2011
Posts: 1,697
Likes: 139
From: Syracuse NY
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,118
From: Crossville TN
What the rep "says" and what they really do when the car is totalled may be different things. Tell him to show you an actual policy so you can 'read the fine print'. Lots of sad stories about how "They told me it was Agreed Value!!"
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
The language to watch for is when your policy says "In case of total loss, $15,000 or ACV, whichever is lower".
This is stated value and means you pay a premium based on a $15K value. Yet in case the insurance has to pay out they will do their own evaluation (ACV or Actual Cash Value). If their eval is less than $15K, they will pay you the lower amount, even though you've been paying them based on a $15K value.
This is stated value and means you pay a premium based on a $15K value. Yet in case the insurance has to pay out they will do their own evaluation (ACV or Actual Cash Value). If their eval is less than $15K, they will pay you the lower amount, even though you've been paying them based on a $15K value.
Drifting
Joined: Jan 2004
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From: Sherman CT
2023 C3 of the Year Finalist - Unmodified
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St. Jude Donor '24-'25-'26
There are some restrictions, however, I don't drive mine more than 1000 miles per year, so that's the tier limit I selected.
Adam was very easy to deal with, hope I never have to use them.
Regards
Roy